DGAP-News: systaic AG backs growth forecast and predicts revenue growth of more than 30% for 2010

systaic AG / Quarter Results
09.11.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
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* Preliminary 9-month figures confirmed
* SYSTAIC Energy Roof Systems now expanding its product range
* Outlook for 2010: increase in revenue and earnings anticipated
systaic AG, Düsseldorf, today confirmed its figures for the first nine
months of 2009, which it had announced in advance on 27 October, and
published its Interim Report as of 30 September 2009. As anticipated,
consolidated revenue in Q3 was higher than in Q2, amounting to EUR 72,193
thousand (Q2: EUR 70,913 thousand), and was 22% higher than the year-ago
figure (EUR 59,021 thousand). In the first nine months revenue reached EUR
193,147 thousand, thus increasing by 50% year-on-year (9M 2008: EUR 128,710
thousand).
The SYSTAIC Group's earnings continued to show positive growth. EBIT
increased by 71% in the third quarter, from EUR 3,185 thousand (9M 2008) to
EUR 5,444 thousand. The operating result rose by 50% in the first nine
months to EUR 9,243 thousand (9M 2008: EUR 6,183 thousand).
The development of cash flow has also been encouraging: as of 30 September
2009 free cash flow amounted to EUR 13,158 thousand (9M 2008: EUR -54,402
thousand). Cash flow from operating activities was EUR 14,588 thousand (9M
2008: EUR -41,708 thousand). The significant increase is particularly
attributable to cash receipts from projects and to the reduction of working
capital in the second quarter.
Development in the divisions
Revenue in SYSTAIC Energy Roof Systems grew by 68% year-on-year to EUR
6,481 thousand (9M 2008: EUR 3,852 thousand). In order for systaic AG to be
able to tailor its offering even better to the needs of its individual
customers, SYSTAIC Energy Roof Systems is expanding its product range: in
addition to the premium roof solution, which is now well established on the
market, the division is also marketing a version with limited variation
options as well as PV components for large-area roofs. These new energy
roofs are based on the multi-award-winning design and thus likewise comply
with the demand for a highly aesthetic, solar-integrated roof architecture.
Aside from increasing revenue, the broader product range, with which
SYSTAIC can now also offer cheaper roof solutions, shall also help to
improve the company's operating margin.
In the third quarter SYSTAIC Automotive almost recovered last year's
excellent performance for solar generators delivered, despite the
automotive crisis. The low quantities in August, which were due to vehicle
manufacturers' holidays and annual plant shutdowns, were completely
recouped by the huge volumes in September. In spite of this, however,
revenue failed to increase in the first nine months of 2009: instead, it
decreased compared with the previous year, by 37%, from EUR 7,463 thousand
(9M 2008) to EUR 4,674 thousand.
Also in the SYSTAIC Solar Power Plants division the Group recorded progress
with its projects. The project pipeline filled further in the third
quarter; financing by investors also progressed. The SYSTAIC Solar Power
Plants division increased its revenue by 55% compared with the first nine
months of the previous year, to EUR 181,992 thousand (9M 2008: EUR 117,395
thousand). Earnings also improved significantly in the first nine months of
this year, rising from EUR 8,565 thousand (9M 2008) to EUR 16,707 thousand.
Outlook
The SYSTAIC Group is looking forward with optimism thanks to increasing
demand in the Energy Roof Systems and Automotive divisions and its planned
solar plant projects. 'We expect our growth in the next year to again be
faster than the market,' says Michael Pack, CEO of systaic AG. According to
the moderate EPIA estimate, the market will grow by 30% in 2010. 'With our
planned revenue target of between EUR 400 and 450 million for 2010, which
equates to growth of more than 30 to up to 50%, systaic AG's planning
exceeds the growth scenario of the European industry association,' says
Pack, talking about the Company's outlook for the next financial year. The
company's profitability is also expected to improve: SYSTAIC's Executive
Board anticipates an EBIT margin at Group level of around 8%.
More figures and details on the first nine months and the third quarter of
2009 are provided in the Group's Interim Report as of 30 September 2009 and
on the company website at www.systaic.com.
About systaic AG
systaic AG specialises in efficient and aesthetically pleasing solar power
solutions: the core product is the SYSTAIC energy roof for generating
electricity and heat from solar energy on building rooftops. The SYSTAIC
Automotive business area is worldwide the only series manufacturer of solar
solutions for the roofs of different makes of car. The development and
installation of photovoltaic power plants also implemented by its
subsidiary Enerparc is a further focal point in its portfolio. systaic AG
was founded in November 2004 and it has been listed on the Frankfurt Stock
Exchange since March 2007. The company was admitted to the Prime Standard
segment in September 2008. Group turnover increased more than six-fold to
EUR 199 million in 2008. In the first half of 2009 the group revenue of
SYSTAIC stood at EUR 121 million, a 74% increase over the same period of
the previous year. The company currently employs a workforce of over 200.
Contact:
systaic AG
Achim Zolke
Head of Corporate Communications
Kasernenstraße 27
40213 Düsseldorf
Germany
Phone: 0049-211-828559-0
Fax: 0049-211-828559-258
a.zolke@systaic.com
www.systaic.com
09.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: systaic AG
Kasernenstr. 27
40213 Düsseldorf
Deutschland
Phone: +49 (0)211 828559-0
Fax: +49 (0)211 828559-29
E-mail: ir@systaic.com
Internet: http://www.systaic.de
ISIN: DE000A0JKYP6
WKN: A0JKYP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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systaic AG / Quarter Results
09.11.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
=--------------------------------------------------------------------------
* Preliminary 9-month figures confirmed
* SYSTAIC Energy Roof Systems now expanding its product range
* Outlook for 2010: increase in revenue and earnings anticipated
systaic AG, Düsseldorf, today confirmed its figures for the first nine
months of 2009, which it had announced in advance on 27 October, and
published its Interim Report as of 30 September 2009. As anticipated,
consolidated revenue in Q3 was higher than in Q2, amounting to EUR 72,193
thousand (Q2: EUR 70,913 thousand), and was 22% higher than the year-ago
figure (EUR 59,021 thousand). In the first nine months revenue reached EUR
193,147 thousand, thus increasing by 50% year-on-year (9M 2008: EUR 128,710
thousand).
The SYSTAIC Group's earnings continued to show positive growth. EBIT
increased by 71% in the third quarter, from EUR 3,185 thousand (9M 2008) to
EUR 5,444 thousand. The operating result rose by 50% in the first nine
months to EUR 9,243 thousand (9M 2008: EUR 6,183 thousand).
The development of cash flow has also been encouraging: as of 30 September
2009 free cash flow amounted to EUR 13,158 thousand (9M 2008: EUR -54,402
thousand). Cash flow from operating activities was EUR 14,588 thousand (9M
2008: EUR -41,708 thousand). The significant increase is particularly
attributable to cash receipts from projects and to the reduction of working
capital in the second quarter.
Development in the divisions
Revenue in SYSTAIC Energy Roof Systems grew by 68% year-on-year to EUR
6,481 thousand (9M 2008: EUR 3,852 thousand). In order for systaic AG to be
able to tailor its offering even better to the needs of its individual
customers, SYSTAIC Energy Roof Systems is expanding its product range: in
addition to the premium roof solution, which is now well established on the
market, the division is also marketing a version with limited variation
options as well as PV components for large-area roofs. These new energy
roofs are based on the multi-award-winning design and thus likewise comply
with the demand for a highly aesthetic, solar-integrated roof architecture.
Aside from increasing revenue, the broader product range, with which
SYSTAIC can now also offer cheaper roof solutions, shall also help to
improve the company's operating margin.
In the third quarter SYSTAIC Automotive almost recovered last year's
excellent performance for solar generators delivered, despite the
automotive crisis. The low quantities in August, which were due to vehicle
manufacturers' holidays and annual plant shutdowns, were completely
recouped by the huge volumes in September. In spite of this, however,
revenue failed to increase in the first nine months of 2009: instead, it
decreased compared with the previous year, by 37%, from EUR 7,463 thousand
(9M 2008) to EUR 4,674 thousand.
Also in the SYSTAIC Solar Power Plants division the Group recorded progress
with its projects. The project pipeline filled further in the third
quarter; financing by investors also progressed. The SYSTAIC Solar Power
Plants division increased its revenue by 55% compared with the first nine
months of the previous year, to EUR 181,992 thousand (9M 2008: EUR 117,395
thousand). Earnings also improved significantly in the first nine months of
this year, rising from EUR 8,565 thousand (9M 2008) to EUR 16,707 thousand.
Outlook
The SYSTAIC Group is looking forward with optimism thanks to increasing
demand in the Energy Roof Systems and Automotive divisions and its planned
solar plant projects. 'We expect our growth in the next year to again be
faster than the market,' says Michael Pack, CEO of systaic AG. According to
the moderate EPIA estimate, the market will grow by 30% in 2010. 'With our
planned revenue target of between EUR 400 and 450 million for 2010, which
equates to growth of more than 30 to up to 50%, systaic AG's planning
exceeds the growth scenario of the European industry association,' says
Pack, talking about the Company's outlook for the next financial year. The
company's profitability is also expected to improve: SYSTAIC's Executive
Board anticipates an EBIT margin at Group level of around 8%.
More figures and details on the first nine months and the third quarter of
2009 are provided in the Group's Interim Report as of 30 September 2009 and
on the company website at www.systaic.com.
About systaic AG
systaic AG specialises in efficient and aesthetically pleasing solar power
solutions: the core product is the SYSTAIC energy roof for generating
electricity and heat from solar energy on building rooftops. The SYSTAIC
Automotive business area is worldwide the only series manufacturer of solar
solutions for the roofs of different makes of car. The development and
installation of photovoltaic power plants also implemented by its
subsidiary Enerparc is a further focal point in its portfolio. systaic AG
was founded in November 2004 and it has been listed on the Frankfurt Stock
Exchange since March 2007. The company was admitted to the Prime Standard
segment in September 2008. Group turnover increased more than six-fold to
EUR 199 million in 2008. In the first half of 2009 the group revenue of
SYSTAIC stood at EUR 121 million, a 74% increase over the same period of
the previous year. The company currently employs a workforce of over 200.
Contact:
systaic AG
Achim Zolke
Head of Corporate Communications
Kasernenstraße 27
40213 Düsseldorf
Germany
Phone: 0049-211-828559-0
Fax: 0049-211-828559-258
a.zolke@systaic.com
www.systaic.com
09.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: systaic AG
Kasernenstr. 27
40213 Düsseldorf
Deutschland
Phone: +49 (0)211 828559-0
Fax: +49 (0)211 828559-29
E-mail: ir@systaic.com
Internet: http://www.systaic.de
ISIN: DE000A0JKYP6
WKN: A0JKYP
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Stuttgart
End of News DGAP News-Service
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